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Daily analysis of major pairs for June 16, 2016

EUR/USD: Irrespective of the faint bullish effort on the EUR/USD, the price remains below the resistance line at 1.1300. Since there is a Bearish Confirmation Pattern on the chart, it is expected that the price could continue going downwards, reaching the support line at 1.1200, which is our target for this week.


USD/CHF: This market has moved only sideways from Monday till now – all in the context of a downtrend. The EMA 56 is above the EMA 11 (a bearish signal), while the Williams' % Range period 20 is often pointing to the oversold region. The price is supposed to move further downwards today or tomorrow. In addition, some fundamental figures are expected today, and they would have an impact on the market.


GBP/USD: The GBP/USD has fluctuated wildly this week, but remains in the context of a downtrend. The price is under the distribution territory at 1.4250, and it could test the accumulation territories at 1.4100 and 1.4000 today or tomorrow. There is a need for the price to go upwards by at least 500 pips before the current downtrend can be threatened.


USD/JPY: This pair has only moved sideways so far this week, with no significant direction upwards or downwards. The outlook on JPY pair is bearish for the week: and the USD/JPY is no exception. Therefore, the bears might target the demand levels at 105.00 and 104.50, following the expected breakout in the market.


EUR/JPY: This currency trading instrument is in a bearish mode, though nothing serious has happened so far this week. The EMA 11 is below the EMA 56, and the RSI period 14 is below the level 50, thereby making further bearish journey possible. There ought to be a breakout which would potentially favor the bears.


The material has been provided by InstaForex Company -